Salt Lake City, UT, January 8, 2010. Palladon Ventures Ltd.
("Palladon" or the "Company") (CDNX: PLL.V) (Frankfurt: PV-1)
announces that its wholly owned subsidiary Palladon Iron Corporation ("PIC") has
submitted a Request for Arbitration with respect to the termination of
the Sales Agreement for the Purchase of Iron Ore (the "Agreement")
dated March 31, 2008 between PIC as seller and China Kingdom
International (Australia) PTY Ltd., CKI Minerals & Metals ("CKI") as
buyer.

On September 15, 2009, the Company announced that PIC had notified CKI
of the termination of the Agreement, subject to the dispute resolution
mechanisms as set out in the Agreement. When the Agreement was
negotiated and entered into, both parties understood that the iron ore
would be delivered to CKI at the Port of Long Beach. This
understanding is set forth in the Agreement. At that time, both
parties knew that PIC had not yet entered into a signed agreement for
the storage of the iron ore at the Port of Long Beach, and both parties
knew that the performance of the Agreement would be dependent upon PIC
successfully obtaining such a signed storage agreement. Subsequent to
the signing of the Agreement, and despite its best efforts, PIC was
unable to secure a signed agreement for a storage facility at the Port
of Long Beach. This made it commercially impracticable or impossible
for either party to perform its obligations under the Agreement.

On January 4, 2010, over four months after PIC had notified CKI that
the Agreement was terminated, CKI first notified PIC that it did not
agree with PIC's assertion that the Agreement was terminated.

Pursuant to the Agreement, all disputes between the parties are to be
resolved by arbitration in Salt Lake City, Utah under the Rules of
Arbitration of the International Chamber of Commerce. Accordingly, PIC
has submitted a request for arbitration to the International Chamber of
Commerce, seeking a determination of the issue of whether the Agreement
is terminated due to the commercial impracticability or impossibility
of either party to perform its obligations under the Agreement.

Palladon CEO John Cutler stated: "We continue to be very optimistic
with respect to the potential development of the Iron Mountain Project.
The Company continues to work on a plan to repay its Luxor debt and to
finance both current operations and further development of the Iron
Mountain Project."

On Behalf of the Board of Directors,
John W. Cutler
President and Chief Executive Officer

About Palladon
Palladon Ventures Ltd. is a junior resource company focused on
advancing the Iron Mountain Project, an iron ore mine located west of
Cedar City, Utah.

For Further Information Please Contact:
John W. Cutler
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: [email protected]
Website: www.palladonventures.com